Author: Anthony Pompliano, Famous Crypto KOL; Translation: Jinse Finance xiaozou
After nearly a decade of navigating the Bitcoin and crypto industry, you would think you've seen it all, but occasionally something still emerges that drops your jaw. This was exactly how I felt when I recently saw a video of Cardano founder Charles Hoskinson's recent talk.
Hoskinson made remarks about selling Altcoins from the Cardano treasury to buy Bitcoin.
This video was eye-opening for three reasons. First, Hoskinson essentially acknowledged that his Altcoin cannot compete with Bitcoin in the long term. The only way to create long-term economic value is to sell Altcoin assets and buy Bitcoin. This seems to indicate that Altcoin founders have realized Bitcoin will never disappear.
Secondly, Hoskinson seems to understand that Bitcoin treasury companies are launching speculative attacks on Bitcoin. These companies buy Bitcoin by selling stocks, so Altcoin foundations are equally capable of selling Altcoins for Bitcoin. This "speculative attack" theory, promoted by Pierre Rochard in 2014, has become one of the most important concepts driving Bitcoin adoption in recent years.
The third point might be the most intriguing - the outstanding performance of Bitcoin treasury companies is now too brilliant to ignore. Take Metaplanet as an example, where Simon Gerovich, Dylan LeClair, and their team created one of the world's most outstanding stocks. In just over a year, they grew their Bitcoin holdings from zero to 10,000 coins on their balance sheet. Such development speed is breathtaking.
Imagine holding Altcoins worth hundreds of millions of dollars, watching them continuously depreciate against Bitcoin. Naturally, you would start considering: selling Altcoins and investing in Bitcoin might achieve asset appreciation. This is no different from selling depreciating dollars or listed company stocks. We are witnessing this speculative attack permeating every corner of the financial world.
Everyone is eager to obtain Bitcoin and willing to sell any asset to acquire more Bitcoin. This has always been the core claim of Bitcoin believers - that hard money will ultimately absorb capital like a black hole - and now witnessing this theory being validated globally is truly exciting.
If you think Bitcoin has reached its cycle's peak, remember: Bitcoin still has a long way to go to catch up with global M2 money supply. Raoul Pal recently pointed out that "89% of Bitcoin's price movement is related to global liquidity".
This means Bitcoin might reach $150,000 in the coming months, but of course, no one has a crystal ball to predict the future. Bitcoin is penetrating Wall Street in various new ways, and people are doing their best to accumulate this digital asset. Launching a speculative attack - especially when you own Altcoins - is not a bad choice.
